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Anti-Russian sanctions drive rapid de-dollarization

Western sanctions are having an unintended effect. They are accelerating the birth of a parallel ecosystem where countries not allied to the West are able to operate without the constant threat of sanctions. Free of western control, this alternative platform is gaining traction at a surprisingly fast pace.”

The move towards a non-western world is happening most rapidly in the area of finance. This is hardly surprising because financial flows are easier to reroute – and replace – than say, a shipment of coal or an oil tanker.”

It is now abundantly clear to Moscow that the US-UK evil twins are not content with symbolic sanctions but are really out to destroy its economy. Anticipating this blow to its financial jugular, Russia had in July drawn up a law that would create a local equivalent of SWIFT.”

Vesti Finance says sanctions aimed at restricting Russian access to finance will have almost no sense, since Russian companies will find the necessary money in China. And the Chinese are keen to increase the impact of the renminbi and turn it into the world’s reserve currency.”

The move to a parallel payment system is happening in tandem with the ditching of the US dollar on which the entire US economy – and hegemony – pivots. The dollar’s status as the reserve currency is due to it being the only currency accepted de-dollarizationin the petroleum market, which is why it’s also known as the petrodollar. That’s about to change as Russia and other emerging powers are planning to drop the petrodollar and end the dollar’s reserve status.”

... the Russian oil company [Gazprom Neft] has started shipping oil from the Arctic and the tankers will arrive in European ports this month, with payment to be received in rubles. Gazprom will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese renminbi.”

Worth mentioning is that the Siberia-sized $400 billion gas contract with China – which Moscow and Beijing had haggled over for a decade – finally got inked in May 2014, after westerns sanctions kicked in.”

So in effect, by not playing by the rules and systems set by the West they are creating an alternative arrangement in which they neither enter into conflict situations with the West nor enter into subservient alliances (like those offered to South Korea and Japan). Years from now, westerners will ruefully look back at the sanctions as the tipping point that ushered in a world without the West.”

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What we see now, is a cruel battle with time. On the one hand, Russia and China, together with the rest of the BRICS, are trying to get rid of the dollar and form their own currency system to gain complete independence, on the other, the neocon banking-corporate puppets in the US are in panic and seek desperately a pretext to come to war with Russia and put an end to this threat for their plans. This explains their agony to drag Russia into a warm conflict.


Western block's actions not only failed to isolate Russia, but seems that managed to expand Russia's and China's geopolitical influence. [...] This is a unique opportunity for Argentina and Latin America to show to other debt-enslaved countries that there is an alternative against the money market tyranny.

Comments

  1. Clear and succinct article, the big push is well and truly on. Thank you.

    ReplyDelete
  2. laughable drivel from cluess propagandists. stop aggressive actions and join the free world.

    ReplyDelete
    Replies
    1. Free world? You mean the one that bloodbathed Yugoslavia, Iraq, Somalia and many other countries just for the profit of weapon industries and oil corporations? The one that bailed-out banksters with billions of taxpayers money at the same time that slaughtered wages, pensions and the middle-class? The one that supported neo-nazis in Ukraine? The one that brainwash Americans through mainstream media propaganda? And there is more if you want.

      No thanks, it's all yours.

      Delete
    2. The one where free speech has to be PC and the one where freedom means dependency on the government for food, healthcare, retirement, housing.

      Delete

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